Port Erin Biopharma Investments Ltd Net Asset Value(s) (4448C)
22 January 2018 - 6:00PM
UK Regulatory
TIDMPEBI
RNS Number : 4448C
Port Erin Biopharma Investments Ltd
22 January 2018
22 January 2018
Port Erin Biopharma Investments Limited
(the "Company")
Net Asset Value calculation to 31 December 2017
Jim Mellon, Chairman, commented: -
"The Net Asset Value ("NAV") calculation for the Company as at
closing on 31 December 2017 was 8.80 pence per share, including
un-invested cash of GBP603,123. The portfolio is valued under IFRS
at bid price.
Net assets stand at GBP2.04 million, including investments of
GBP1.25 million. Despite a significant reduction in operating
expenses following a cost-cutting exercise, this quarter's NAV
represents a decrease of 4.3% from the previous valuation of 9.20
pence per share, which included un-invested cash of GBP634,756. No
additional management fee is due to Shellbay Investments
Limited
Turning to our principal investments, the news continues to be
encouraging. On 3 October 2017, Regent Pacific Group Limited
("RPG") announced that it had entered into an amended licensing
agreement with Recordati for the sale and distribution of
Fortacin(TM), a breakthrough treatment for premature ejaculation,
in Europe. As a result, RPG will be eligible to receive payments of
up to EUR41 million plus royalties after hitting certain milestones
related to the European roll-out. RPG received an immediate payment
of EUR4 million on the date on which the amended license agreement
became effective.
Summit Therapeutics plc ("Summit") announced on 23 December 2017
that it has obtained an innovative research and development
platform for the generation of differentiated antibiotic compounds
through its acquisition of Discuva Limited, a privately held
UK-based company. The acquisition expands Summit's interests in
infectious diseases that are led by its flagship precision C.
difficile infection ('CDI') antibiotic candidate ridinilazole.
Summit is now better placed to advance additional potential drug
treatments for patients with serious bacterial infections where
there is substantial unmet need, while in parallel continuing to
advance its clinical and research programme in Duchenne muscular
dystrophy. Our other investments, both quoted and unquoted,
continue to perform in line with expectations.
The board continues to evaluate further opportunities for the
Company."
Unaudited to
31 December 2017 GBP
Fixed Assets
Investments 1,247,428
Current Assets
Loan receivable 200,000
Sundry Debtors 22,885
Uninvested cash 603,123
Current Liabilities
Creditors: amounts due (32,899)
---------------------
2,040,537
Capital and Reserves
Share Capital 23
Share Premium 1,890,142
Reserves 150,372
---------------------
2,040,537
Shares in Issue 23,195,558
Net Asset Value per share 8.80 pence
Portfolio Details
Investments as at 31 Value % of Total Portfolio
December 2017
------------------------- ------------- --------------------
Regent Pacific Group
Limited GBP421,432 33.78%
Summit Therapeutics
plc GBP201,190 16.13%
SalvaRx Holdings plc GBP34,259 2.75%
Other quoted holdings GBP40,768 3.27%
Other unquoted holdings GBP549,779 44.07%
Total GBP1,247,428 100.00%
------------------------- ------------- --------------------
For further information, please contact:
Port Erin Biopharma Northland Capital Partners Peterhouse Capital
Investments Limited Limited Limited
The Company Nomad and Joint Broker Joint Broker
Denham Eke Matthew Johnson / David Lucy Williams
(+44) (0) 1624 639396 Hignell (+44) (0) 207
(+44) (0) 203 861 6625 469 0936
This information is provided by RNS
The company news service from the London Stock Exchange
END
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